/KASE, September 20, 10/ - Tethys Petroleum Limited (Channel Islands) with
the common shares placed in the official list of Kazakhstan Stock Exchange),
provided to KASE the following press-release dated September 16, 2010:
quote
Today Tethys Petroleum Limited (hereinafter referred to as 'Tethys' or
Company') (TSX: TPL) announces it has made a contract on gas trade which
provides positive operational cash inflow to the Company. The subject of the
contract is initial gas trade in the gas field Akkulovskoye in Kazakhstan; and
the contract shall double the volume of gas production and increase more than
twice income from gas trade. The first supply under the contract is expected
this month.
Tethys Bernard Murphy, the Financial Director, says: 'This is a key point for
the company as gas production in the field Akkulovskoye in addition to the
current operational inflow provides a positive operational cash inflow to the
whole Company generally, which shall create a strong foundation for further
growth, including expected increase in oil production in Kazakhstan from 750
barrels of oil per day (BOD) up to 3, 000-4, 000 BOD in the second quarter of
2011, and also in the form of expected increase in oil production in Uzbekistan
thanks to our program for radial drilling and operations in new horizontal wells.
We need to provide cash inflow for the period, when we analyze perspective oil
discovery Doris' in Kazakhstan and perform further oil development in
neighboring surroundings, in order to turn to self-financing in the future.
ends
The full version of Tethys Petroleum Limited press-release is available on the
website of KASE at
http://www.kase.kz/files/emitters/GG_TPL_/gg_tpl_reliz_160910.pdf
[2010-09-20]